if a client has a 1099R showing code 1M from a employer he left is it subject to the 10% penalty in 2020? Can I use the 3 year distribution advantage?
M—Qualified plan loan offset.
Did he leave for Covid-related reasons?
Did you read the Form 8915-E instructions? Because the IRS has all this info available to you:
https://www.irs.gov/pub/irs-pdf/i8915e.pdf
❤️One of the first CPA's I ever worked for would start every question I had with, "Did you read the instructions?"
